According to an article in the Dallas Morning News, actor Stephen Baldwin (along with his wife Kennya Baldwin) is millions of dollars in debt and has filed for Chapter 11 bankruptcy.

The article said:

“A filing Tuesday in federal court in New York shows that Baldwin owes $1.2 million in two mortgages on a property about 30 miles north of New York City valued at $1.1 million. The document shows he also owes more than $1 million in taxes and has about $70,000 in credit card debt.”

Baldwin is an excellent example of why using bankruptcy effectively when a person can no longer pay his/her debts, even if they are a famous millionaire is often the best decision. Baldwin was drowning mostly in mortgage debt when he filed bankruptcy; but also owes taxes and credit card debt; but despite his celebrity he felt that filing bankruptcy was the best financial decision for himself and his family. What’s admirable is that he didn’t allow his fame, fortune or the opinions of the public influence what was best for him financially. Many “ordinary” debtors who don’t’ have even a fraction of the wealth that Baldwin has mistakenly delay bankruptcy until it is too late. Don’t let that happen to you. If you are struggling to pay your debts, bankruptcy may be your best chance to clean up your financial house. To discover how bankruptcy may help you financially, contact a Dallas-Fort Worth bankruptcy attorney today.